Lakshmi Kant Jha
Encyclopedia
'Lakshmi Kant Jha' born in Darbhanga
, Bihar
, or L. K. Jha as he was called, was the eighth Governor of the Reserve Bank of India
from 1 July 1967 to 3 May 1970. A member of the Indian Civil Service, Jha had served as Secretary to the Prime Minister of India, prior to his appointment as Governor of RBI.
During his tenure the Indian Rupee
notes of denominations of 2, 5, 10, and 100, commemorating the birth centenary of Mahatma Gandhi
was released on 2 October 1969, these notes bear his signature, a subsequent re-issue on this series notes bears the signature of B. N. Adarkar
. His tenure also saw nationalization of 14 major commercial banks, introduction of social controls over commercial banks, establishment of National Credit Council, and the introduction of Lead Bank Scheme to facilitate credit delivery. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; and the setting up of the Agricultural Credit Board.
He served at India's ambassador to the United States after his term expired, and authored two books named "Mr. Red Tape" and "Economic strategy for the 80s: priorities for the Seventh Plan". He was governor of Jammu and Kashmir
state from 3 July 1973 to 22 February 1981. He was a member of the Brandt Commission and at the time of his death, a member of the Rajya Sabha
. The RBI instituted the L.K. Jha Memorial Lectures in commemoration of his memory.
Darbhanga
Darbhangā is a twin city and a municipal corporation and the capital city of the Darbhanga district and Darbhanga Division in the state of Bihar, India. It is one of the most important districts of North Bihar situated in the very heart of Mithilanchal. According to the latest 2011 census, the...
, Bihar
Bihar
Bihar is a state in eastern India. It is the 12th largest state in terms of geographical size at and 3rd largest by population. Almost 58% of Biharis are below the age of 25, which is the highest proportion in India....
, or L. K. Jha as he was called, was the eighth Governor of the Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
from 1 July 1967 to 3 May 1970. A member of the Indian Civil Service, Jha had served as Secretary to the Prime Minister of India, prior to his appointment as Governor of RBI.
During his tenure the Indian Rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
notes of denominations of 2, 5, 10, and 100, commemorating the birth centenary of Mahatma Gandhi
Mahatma Gandhi
Mohandas Karamchand Gandhi , pronounced . 2 October 1869 – 30 January 1948) was the pre-eminent political and ideological leader of India during the Indian independence movement...
was released on 2 October 1969, these notes bear his signature, a subsequent re-issue on this series notes bears the signature of B. N. Adarkar
B. N. Adarkar
B. N. Adarkar was the ninth Governor of the Reserve Bank of India from 4 May 1970 to 15 June 1970. His term was the second shortest after Amitav Ghosh who had served for only 20 days. His term was short since he was filling in as interim before S...
. His tenure also saw nationalization of 14 major commercial banks, introduction of social controls over commercial banks, establishment of National Credit Council, and the introduction of Lead Bank Scheme to facilitate credit delivery. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; and the setting up of the Agricultural Credit Board.
He served at India's ambassador to the United States after his term expired, and authored two books named "Mr. Red Tape" and "Economic strategy for the 80s: priorities for the Seventh Plan". He was governor of Jammu and Kashmir
Jammu and Kashmir
Jammu and Kashmir is the northernmost state of India. It is situated mostly in the Himalayan mountains. Jammu and Kashmir shares a border with the states of Himachal Pradesh and Punjab to the south and internationally with the People's Republic of China to the north and east and the...
state from 3 July 1973 to 22 February 1981. He was a member of the Brandt Commission and at the time of his death, a member of the Rajya Sabha
Rajya Sabha
The Rajya Sabha or Council of States is the upper house of the Parliament of India. Rajya means "state," and Sabha means "assembly hall" in Sanskrit. Membership is limited to 250 members, 12 of whom are chosen by the President of India for their expertise in specific fields of art, literature,...
. The RBI instituted the L.K. Jha Memorial Lectures in commemoration of his memory.